SMU Director of Masters of IT in Business programme and Associate Professor of Information Systems Paul Griffin, warned that the recent announcements made by the government are “not a tightening but rather a wake-up call to token providers and exchanges that may not be taking the current regulations on digital tokens offerings seriously enough.” He added that the Monetary Authority of Singapore (MAS) is sending a message to token providers to ensure Singapore remains a safe place to do any form of business. Associate Prof Griffin also noted that MAS is stepping up its efforts to clarify policies because the longevity, volumes, and future potential of tokenization have served as an “impetus” for it to “understand, scrutinize and decide how best to regulate the digital token market.”